THIS
ANNOUNCEMENT RELATES TO THE DISCLOSURE OF INFORMATION THAT
QUALIFIED OR MAY HAVE QUALIFIED AS INSIDE INFORMATION WITHIN THE
MEANING OF ARTICLE 7(1) OF THE MARKET ABUSE REGULATION (EU)
596/2014 (EU MAR) AND ARTICLE 7(1) OF EU MAR AS IT FORMS PART OF UK
DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
(UK MAR).
28 February 2025
Saga
plc
Saga
announces repayment of corporate debt maturing in 2026
and draw
down of new long-term credit facilities
On 30
January 2025, Saga plc (Saga or the Group), the UK's specialist in products and
services for people over 50, announced that it had secured new
credit facilities to refinance the Group's corporate debt in full
(the New Facilities), with closing of the New Facilities subject to
customary conditions.
On 17
February 2025, Saga announced the results of a tender offer (the
Tender Offer) in respect of its £250.0m
5.5% Senior Unsecured Notes, maturing July 2026 (ISIN:
XS2357117881) (the Notes).
On the same date, Saga announced the mandatory redemption of the
outstanding Notes, following the conclusion of the Tender Offer.
Both settlements were subject to the receipt of funds from the New
Facilities or waiver of this requirement.
Following
receipt of funds under the New Facilities, Saga now announces that
the conditions to closing of the New Facilities have been met, and
accordingly:
· the
Notes have been redeemed in full and shall
be cancelled and de-listed accordingly;
· the
£75.0m drawings under the £85.0m loan facility provided by Roger De
Haan, maturing April 2026, have been repaid and, as such, the
facility has been cancelled in full; and
· the
existing £50.0m revolving credit facility has been cancelled in
full.
The Group was advised on the
transaction by Lazard & Co Limited and Freshfields
LLP.
For further information, please
contact:
Notes to
editors
Saga is a specialist in the
provision of products and services for people over 50. The Saga
brand is one of the most recognised and trusted brands in the UK
and is known for its high level of customer service and its
high-quality, award-winning products and services including cruises
and travel, insurance, personal finance and media.
www.saga.co.uk
Lazard
& Co., Limited (Lazard), which is authorised and regulated in
the United Kingdom by the Financial Conduct Authority, is acting
exclusively as financial adviser to Saga and no one else in
connection with the New Facilities and will not be responsible to
anyone other than Saga for providing the protections afforded to
clients of Lazard nor for providing advice in relation to the New
Facilities or any other matters referred to in this announcement.
Neither Lazard nor any of its affiliates owes or accepts any duty,
liability or responsibility whatsoever (whether direct or indirect,
whether in contract, in tort, under statute or otherwise) to any
person who is not a client of Lazard in connection with this
announcement, any statement contained herein or
otherwise.
This
announcement is released by the Issuer and contains information
that qualified or may have qualified as inside information for the
purposes of Article 7 of EU MAR AND UK MAR, encompassing
information relating to the Notes described above. For the purposes
of EU MAR, UK MAR and the Implementing Technical Standards, this
announcement is made by Victoria Haynes, Company Secretary of the
Issuer.
LEI:
2138004WWUJN94K2LH95
